Filing Flows › Apollo Commercial Real Estate Finance (ARI) › Q2 2025
Apollo Commercial Real Estate Finance (ARI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Apollo Commercial Real Estate Finance (ARI) reported revenue of $70.9M for the second quarter 2025 (Q2 2025), -13% from a year earlier and +8% from the quarter before. Operating margin was 29.4%, net earnings $20.7M (29.3% of revenue).
Apollo Commercial Real Estate Finance, Q2 2025: revenue $70.9M (-13% year over year), operating margin 29.4%, net earnings $20.7M, operating cash flow $63.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $70.9M | +8% | -13% |
| Operating profit | $20.9M | -20% | -42% |
| Net earnings | $20.7M | -20% | -42% |
| Operating cash flow | $63.2M | +61% | +26% |
| Free cash flow | $30.7M | +113% | +213% |
What changed
Revenue was $70.9M in Q2 2025, down 13% year over year and up 8% from the previous quarter.
Operating profit was $20.9M, a 29.4% margin (down 14.8 points year over year). Total costs grew 11% against a revenue fall of 13%. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $20.7M, down 42% year over year. The effective tax rate was 0.6%.
Operating cash flow was $63.2M (up 26% year over year), 305% of net earnings. Non-cash charges added back $2.5M of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items added $36.6M. Capital expenditures of $32.5M left free cash flow of $30.7M.
Questions
What was Apollo Commercial Real Estate Finance's revenue in the second quarter 2025?
Apollo Commercial Real Estate Finance (ARI) reported revenue of $70.9M for the second quarter 2025 (Q2 2025), -13% from a year earlier and +8% from the quarter before.
Was Apollo Commercial Real Estate Finance profitable in the second quarter 2025?
Operating profit was $20.9M (29.4% of revenue) and net earnings $20.7M.
Source: Apollo Commercial Real Estate Finance 10-Q on SEC EDGAR.